Every tranche since the Aug 2020 original

Per-security overviews

Each tranche carries its own dividend obligation — different securities, different cadences. Jump to a security's full per-week tranche history with realized + projected burn:

MSTR STRK STRF STRD STRC STRE Convert

A few terms before you read

Tranche

A single chunk of capital raised and spent on Bitcoin in one go. For Strategy, each row in this table is one tranche — usually one week's worth of buying, funded by one or more financing instruments (cash, convertible notes, common stock issuance, preferred stock issuance). The word "tranche" is just French for "slice" — the financial-jargon meaning is "one slice of a larger funding plan." Saylor's machine slices into roughly weekly purchases.

8‑K

A short SEC filing public companies use to announce material events between quarterly reports. Strategy files an 8‑K every Monday with that week's BTC purchase: how much was bought, how much was paid, where the cash came from (which ATM program, which preferred series, etc.). It's the primary-source document for every figure on this site — browse Strategy's 8‑K archive on SEC EDGAR →

Sat

Short for Satoshi — the smallest indivisible unit of Bitcoin, named after Bitcoin's anonymous creator. One BTC = 100,000,000 sats. The “sats per share” framing on this site is just BTC-per-share with the decimal pushed 8 places right, so the numbers stay readable as common shares grow into the hundreds of millions and the BTC backing per share becomes a tiny fraction of a coin.

ATM era vs. pre-ATM era

Strategy's first 41 purchases (Aug 2020 – Sep 2024) were funded by cash, debt, and convertible notes. Starting Nov 2024, Strategy began an "at-the-market" (ATM) common-stock program — issuing fresh shares for dollars incrementally — and then five preferred ATM programs, one per series. The "ATM era" rows below are the only ones with the dividend-obligation math attached (preferred coupons drain BTC over time).

mNAV

Market-cap divided by BTC NAV — i.e., what the market pays per share relative to the share's pro-rata BTC backing. mNAV = 1 means the market values one MSTR share at exactly its share of the BTC stack. mNAV > 1 is a premium ("the wrapper is worth more than the BTC inside"); mNAV < 1 is a discount. Common ATM issuance is mathematically accretive whenever mNAV > 1, which is why Strategy keeps the ATM running. The mNAV page walks through what justifies that premium.

Accretive (vs. dilutive)

A share issuance is accretive when each existing common share ends up with more Bitcoin backing afterward than before — counterintuitive, but it's straight arithmetic: if every dollar raised buys more BTC than the new share's pro-rata claim represents, the BTC-per-share ratio rises. For common-stock issuance, the test is mNAV > 1. Preferred-stock issuance is different — it doesn't dilute common at all (preferreds aren't common shares), so any pref raise that buys BTC adds to common's BTC-per-share regardless of mNAV. The pref-side gate is "is the pref price near par" (otherwise Strategy locks in a bad cost of capital), and a leverage-ratio limit. Dilutive is the common-side opposite — common issuance below NAV reduces BTC-per-share.

Perpetual coupon

A bond or preferred share with a fixed dividend stream and no maturity date. Strategy's prefs (STRK/STRF/STRD/STRC/STRE) all promise their coupon forever — there's no balloon payment, no return of principal, just the stream of dividends until the security is called or converted. The "BTC ever sold to fund the coupon" math on this site only makes sense because of this perpetual structure: a finite-maturity bond has a different cost shape entirely.

Basic vs. diluted shares

Basic shares = common shares actually outstanding. Diluted shares = basic shares plus a count of every option, RSU, convertible note, and convertible-preferred (STRK) that could become common — counted via the treasury-stock or if-converted method that's standard under GAAP. Strategy's weekly 8‑Ks publish “assumed diluted shares outstanding” as the denominator for its BTC Yield KPI, and that's the figure this site uses for sats-per-share. Notably it does not include the non-convertible prefs (STRF/STRD/STRC/STRE) 1-for-1, since those don't convert.

Coverage: all 111 weekly purchases from August 10, 2020 (the original $250M cash buy) through June 1, 2026. The ATM-era subset (70 weeks since November 2024) carries the per-week dividend-obligation calculations; the 41 pre-ATM-era rows are shown for context with funding labels at the level Strategy reported them — finer classification (which specific convert offering or senior-notes issuance funded each pre-2024 week) is a follow-up.

Sats / share is computed as btc_holdings_after × 100,000,000 ÷ diluted_shares_outstanding, using the diluted count Strategy reports on the same 8‑K. Blank when the filing didn't disclose a diluted count (most pre-2024 rows; the first few ATM weeks before that line was added to the weekly template).